Contact Us: 910-431-3855
How does this type of loan program work? We get questions from both borrowers and lenders and this page gives you a brief overview of the process the loan goes through. Being a local, streamlined, operation, we are able to move quickly, and help you achieve your investment goals. These guidelines below are our standard guidelines, but we can review your situation and design a package that works for you!
- We get approached by a potential new Borrower.
- The borrower fills out a preliminary questionnaire giving us an overview of the investment goal and requirements.
- We screen the Borrower with a Credit Report, although this is not the “make it or break it” for the deal.
- We do a physical site inspection to verify to projects’ feasibilty.
- We issue a Conditional Loan Approval letter (CLA)
- Once we commit to the loan, we schedule a closing date.
- The title is insured through a Real Estate Attorney, ensuring clear title.
- Quiver Funding LLC, is placed on Title in First Lien Position, always.
- We typically lend no more than 75% of purchase price.
- We close the loan!
- Monthly Loan payments are required from the Borrower, typically 6 months.
- The loan is repaid when the Borrower sells the property, or acquires permanent financing.
- Our Loan Program is based on the Purchase Price, but we also evaluate the After Repaired Value of the property. Our loans can include funds for repairs.
Terms
- Minimum Credit Score of 650
- No Recent Foreclosures on Credit Report
- No Bankruptcy (discharged or dismissed in the last 24 months)
- An extension of three months may be granted at the sole discretion of Quiver Funding, LLC on a case by case basis. This will be based on loan portfolio status, and inspection. Extension terms are a minimum of 1 point fee for extension. The repair costs will be released in the form of draws as the work is completed. All draws are subject to Quiver’s inspector inspecting the property.
- First Liens Only
- Our loans are made on the Purchase Price
- Appraisals must be ordered through Quiver Funding, LLC, and performed by our appraisers. No exceptions.
- Properties should be located in or around the Wilmington, NC area; Also considering properties in the outlying areas of S.E. North Carolina.
- A mortgagee’s title policy is required.
- An insurance policy is required on all loans for the term of the loan.
- Quiver Funding, LLC reserves the right to adjust down payment requirements as deemed necessary.
- All appraisals will be based on After-Repaired Value (ARV)
- Appraisals and inspections will be ordered by Quiver Funding, LLC, ONLY
Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower’s insurance agent should provide the declaration page and invoice to Title company at least 24 hours prior to closing.
- Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
- Coverage must be shown on declaration page must include vacancy, vandalism and malicious mischief.
- If a borrower has blanket policy, the insurance agent must provide declaration page showing the addition of the new property and showing proof of in-force blanket policy.
- The amount of insurance coverage may not be less than the full amount of the loan.
- The lender will be named as an additional insured.
Order your insurance early! Delay in providing insurance coverage can delay the closing of your loan!
We are an investment team who specialize in residential real estate funding. Our background is in a cumulative 40 years experience in all types of residential development, rentals, spec building, fix/flip properties. We put all this experience to work with you and for you in partnering with you on specific real estate deals.
We personally look at each prospective property and analyze profitability, and market strategy.
